Metallica raises A$2.5m for bauxite project

Bauxite developer Metallica Minerals has raised about A$2.5-million in a renounceable rights issue to fund the commissioning of its Urquhart bauxite project, in the far north of Queensland, with first production targeted for the middle of this year. One new share was offered for every four shares held, at a price of 5.2c each. With every two new shares subscribed for, investors received a free listed option with an exercise price of 8.5c each.